Nagpur Municipal Corporation's (NMC) property tax rebate scheme, which ran from July to December 2024, successfully collected INR 83.6 crore from 163,813 property owners, with a total fiscal collection of INR 162.45 crore so far. Offering 10% rebates for online payments and 5% for offline payments, the initiative aimed to boost compliance. Despite participation from 322,000 taxpayers, 417,000 property owners missed the deadline and now face a 2% monthly interest penalty. NMC, targeting INR 350 crore this fiscal year, urges defaulters to settle dues promptly to fund city infrastructure. Nehru Nagar led payments with INR 10.89 crore, while Dharampeth lagged at INR 4.7 crore.Read more

Karnataka Chief Minister Siddaramaiah has launched an initiative to integrate 1.35 crore undocumented properties into the state's tax net to address revenue losses and improve transparency. Bengaluru alone has 7-15 lakh properties lacking khata, while urban local bodies and gram panchayats account for 1.2 crore undocumented properties. The state currently collects INR 800 crore in property taxes from 44 lakh gram panchayat properties but aims to include 96 lakh more. Siddaramaiah has urged faster digitisation under the e-khata system to streamline processes and curb fraud. The stamps and registration department targets INR 26,000 crore revenue this year, up from INR 16,993 crore.Read more

Yusen Logistics India, part of Japan's NYK Group, has signed a long-term lease with Macrotech Developers for nearly 200,000 sq. ft. of warehousing space in Palava, near Mumbai. This built-to-suit facility, under Lodha Industrial & Logistics Parks, aims to enhance the company's distribution network in India and aligns with its strategy to expand in key logistics hubs. Yusen Logistics, operational since 2011, offers warehousing, freight forwarding, and transportation services across 20+ cities. India's warehousing sector has seen significant growth due to the e-commerce boom and the rise of third-party logistics providers, driving demand for modern logistics infrastructure.Read more

CIDCO has launched the "My Preferred CIDCO Home" scheme, offering 26,000 affordable homes in nine Navi Mumbai locations, including Vashi and Kharghar. Targeting economically weaker sections (EWS) and low-income groups (LIG), the initiative aligns with PMAY's "Housing for All" mission. Homes are priced between INR 25-97 lakh, catering to households earning up to INR 6 lakh annually. With the final application deadline on January 10, CIDCO expects a surge in interest following the disclosure of pricing details. This scheme not only addresses Navi Mumbai's housing demand but also supports sustainable urban growth for the region's expanding population.Read more

Nagpur Municipal Corporation (NMC) launched a Property Tax Amnesty Scheme, offering an 80% waiver on penalties and interest from January 1 to March 31, 2025. With outstanding property taxes of INR 850.1 crore and INR 770.45 crore in fines, the scheme targets compliance among 286,399 defaulters. Led by commissioner Abhijeet Chaudhari, NMC aims to recover INR 200 crore during this period. Critics question its timing before civic elections, but supporters highlight the financial relief it offers. Payments made post-deadline won't qualify, urging defaulters to act promptly. The initiative is a pivotal step in balancing municipal revenue generation with public support.Read more

Property registrations in Indore and Ujjain surged in 2024, driven by infrastructure projects and anticipation for the 2028 Simhastha Kumbh Mela. The Malwa-Nimar region saw 579,145 documents registered, generating INR 4,496.25 crore. Indore led with 175,737 registrations, contributing INR 2,439.10 crore, a 6.43% rise, while Ujjain followed with 79,229 registrations and INR 483.95 crore, a 10.52% increase. Key projects like the Indore-Ujjain road widening and metro expansion boosted demand. This trend reflects regional economic growth, positioning the area for further investments and urban development ahead of the major religious event.Read more

Kolhapur Municipal Corporation (KMC) sealed 24 flats in Sankalpsiddhi Apartment, Krantisinh Nana Patil Nagar, over long-standing property tax arrears of INR 40,000-INR 50,000 per flat. This marks the first large-scale sealing of flats, primarily vacant investments, as owners failed to comply despite notices and a 50% penal interest concession. KMC's campaign targets chronic tax evasion to enhance municipal revenue and services, with officials warning of further legal actions for non-compliance. The initiative underscores the need for timely payments to support city development and ensure equitable contribution from all property owners.Read more

The Pune Municipal Corporation (PMC) is inviting housing societies to apply for up to a 10% property tax rebate for 2025-26 by adopting green initiatives like vermiculture composting, rainwater harvesting, and solar energy systems. Applications are open until February 15, 2025, with operational projects qualifying for the rebate. In 2023-24, 128,000 properties applied for similar benefits, though inspections revealed maintenance lapses in some cases. The PMC is addressing this through community awareness programs and additional incentives. This initiative aligns with PMC's environmental goals, fostering a culture of sustainability while offering tax relief to compliant property owners.Read more

Vriti Gothi

Property registrations in Mumbai's city municipal area showed a modest increase in December, reaching 12,415 units, compared to 12,285 in the same period the previous year. Residential properties accounted for 80% of the total registrations. The total number of property registrations in 2024 stood at over 141,000 units, marking a rise from the previous year's 126,937. Shishir Baijal, Chairman and MD of Knight Frank India, emphasized the resilience of Mumbai's property market, highlighting strong demand, particularly for premium homes, and its importance as a long-term investment and economic driver.Read more

The Pune Municipal Corporation (PMC) has announced a new initiative to disconnect water supply from properties with unpaid property tax dues. The action will target both residential and commercial properties, with a particular focus on residential ones. The drive, which began on January 2, 2025, aims to recover significant revenue, with a target of INR 2,600 crore for the current fiscal year. To supplement their efforts, the PMC has also launched a music band initiative that has already raised INR 60 crore in a month. Legal advice is being sought to ensure that the measures taken comply with the law.Read more